Solana's decentralized finance (DeFi) ecosystem has experienced remarkable growth in 2025, marked by significant increases in both stablecoin supply and total value locked (TVL).
Stablecoin Supply Surge
As of early May 2025, Solana's stablecoin supply has surged by 156%, reaching an all-time high of over $13 billion. Circle's USDC dominates this landscape, holding a 77% market share on the Solana network . This influx of stablecoins is often associated with increased liquidity and demand for Solana's native token, SOL. Notably, between December 2023 and August 2024, a 160% increase in stablecoin inflows coincided with a 230% rise in SOL's price .
Total Value Locked (TVL) Growth
Solana's TVL has also seen substantial growth, rising from $6.1 billion on April 9 to $7.65 billion by May 6, marking a 25% increase in less than a month . This positions Solana as the second-largest blockchain in terms of TVL and the leader in decentralized exchange (DEX) volumes. The network's daily transaction count has increased by 25% over the past month, reaching 57.77 million transactions .
Market Implications
The surge in stablecoin supply and TVL reflects growing confidence in Solana's DeFi ecosystem. This increased activity has been accompanied by a rise in SOL's price, which saw an 8% increase as TVL grew by 25% . Analysts suggest that the approval of a US spot Solana ETF, with estimated odds raised to 90% for 2025, could further drive institutional demand and broader market access for SOL .
These developments underscore Solana's expanding role in the DeFi sector, with its growing stablecoin supply and TVL indicating increased user trust and engagement.
